GREEN BAY, WI (WTAQ) – It was another successful year off the field for the Green Bay Packers.
The Packers organization released their annual financial report Monday, which showed total revenues for 2015 increasing by nearly 16 percent to $375.7 million.
“We reached an all-time high in terms of revenue,” said Green Bay Packers President and CEO Mark Murphy, who listed off 3 reasons why more green went into their coffers. “The continued strong performance by the team on the field, the great fan support we receive off the field and the continued very strong popularity of the NFL nationally.”
You can view the Packers statement of income here.
Operational profit jumped year-to-year to $39.4 million, up nearly 54 percent from 2014. Net income, however, rose at a smaller 15.3 percent pace to $29.2 million.
“Interest expense – we’ve taken on a league loan to recover the costs of the renovations,” said Murphy. “And then our demolition costs related to Titletown.”
Murphy there made reference to the Titletown District, which the Packers currently own 63 parcels totaling about 65 acres in and around Lambeau Field.
“We’re hopeful to make an announcement fairly soon regarding the details of it,” Murphy said. “There will be a public plaza which will connect the various aspects of it.”
Next season, despite doing well in their bank account, the Packers will raise ticket prices for the upcoming season. Those hikes will range from $3 to $5, with the goal being to keep up with the Joneses league-wide.
“We want to be just below the league average, in terms of the average ticket price, and this past year we slipped. We were 18th and we’ve been 17th for a couple years. It’s kind of a moving target,” Murphy said.
But those profits won’t be on ice for very long, because Murphy says they’re planning upgrades to the suites and club area.
“The biggest complaint that we get from fans in suites is they really feel disconnected from the game. We’re going to have operable windows in every one of the suites now,” Murphy said.
Murphy said that the Green Bay Packers are the 9th highest in the NFL with regards to overall revenue. That’s solely based on the local revenue generated, since the national revenue is evenly split among all 30 teams.
